Forex Trading - Forex Update: Selling GBPUSD Retest Under the Resistance Zone



To Get Ross' Free Forex Update Analysis - Click Here: http://mytotalsupport.com/cpv/base.php?c=86&key=fd5d14f7ec45b14d31a944108238114b&ls=youtube&keyword=forex_trading&ad=SxGSHIdC5K8 So, it’s clearly a decision point from what the yellow zone has shown us before. We’re underneath it as resistance. It provides a lower risk and higher reward opportunity to go short on this rally higher. 1.3085, again, is the bottom of that yellow zone, so I’ve gone ahead and taken a sell at 1.3085 here. The risk of course is that it breaks back above the yellow-shaded area, so your stop loss should be somewhere above 1.3115, above the yellow-shaded area. It depends on how much risk you’re willing to give it, but again, we just don’t want it to break back above that yellow zone because if it does, it’s going on up here into the 1.3100, towards the 1.3200-level again. So, the clear point is staying underneath the yellow zone. Back to the purple zone will be your first target because that’s clearly our current support. That’s the first target on the way down. And as we looked at in the live Trade Room yesterday, over here, where the blue box is on the left-hand side. If it can ever get underneath that purple-shaded area, and we’ll call it 1.2990. If it can get underneath there, we’ll look for it down here to the orange zone, 1.2900 at the bottom of the chart. Let’s take it down to the four-hour timeframe. None of that really changes. Just gives us a little bit of a zoomed in view, and there’s all those circles that we looked at over there on the left-hand side, where the market found support. Look at that again here on the four-hour timeframe. Let me see if I can get it to a better viewpoint here. Let’s just pull it. There it is. You could see the support back here. All these little, blue circles. Support. Support. Support. Support. Support. And then, now we are here underneath it as resistance. As long as it stays underneath there, again, I think that this is a lower risk and higher reward trading opportunity to go short here for the GBPUSD. And the only reason I would expect it to go higher is a breakout back above 1.3115. So, I’ve, again, gone short into the yellow-shaded area. One last thing here before we move on. Fibonacci from the highest high, down to the lowest low. Interesting here. We find the .236. The market just sitting on top of the .236. .382 is at 1.3115, the top of our yellow zone. So, again, that gives us a good clue that this yellow zone, even the top of the yellow zone, 1.3115, will likely be some resistance based on the Fibonacci retracement level there now at the top of our yellow zone. Even if it touches there, we expect resistance and maybe a little bit of a bounce back down for the GBPUSD today. https://www.youtube.com/watch?v=SxGSHIdC5K8 Disclaimer: This video is for general information only and is not intended to provide trading or investment advice or personal recommendations. Any information relating to past performance of an investment does not necessarily guarantee future performance. Forex Traders Daily including its analysts shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video. Please remember derivatives and FX spot carries significant risks and may not be suitable for all investors. Losses can exceed your deposits.

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